London-based financial technology company Wise launched an investments feature Tuesday which will allow users to invest in stocks using multiple currencies and also enable them to easily spend from their holdings.
Tagged “Assets”, the new feature makes it possible for Wise customers to invest in BlackRock’s iShares World Equity Index Fund, which tracks a basket of 1,557 of the world’s biggest publicly traded firms. Some of the holdings available via this fund include Apple, Amazon, and Alphabet.
The feature also gives customers the flexibility to spend up to 97% of the invested money in their accounts using a Wise debit card, or transfer funds overseas. The offering is unique in that it allows users to hold their funds in stocks, but also still spend and send the money like they would from any other wallet.
“Assets is seeking to solve that problem, by providing an opportunity for customers to earn a return on their money with us, in a host of different currencies, all in one place,” said Kristo Käärmann, Wise’s CEO and co-founder.
The firm says it withholds 3% of users’ invested cash as a “buffer” in case of any significant market fluctuations. This will keep customers’ accounts from sinking into negative territory.
The company plans to roll out the new feature for personal and business customers in the U.K. first, but will also launch in Europe at a later date.
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